Stanbic IBTC Term Assurance

Stanbic IBTC Term Life Assurance helps to provide cover against death within a specified period and agreed terms. It is purely a family protection policy and does not attract surrender (termination value).

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Some of the benefits

Security

Stanbic IBTC Life Insurance is backed by strong and reputable financial institutions

Flexibility

Simplified policy update process ensures your policy remains updated

Track Record

The Stanbic IBTC Group has been managing funds for companies and individuals for over 2 decades

Professional Service

Our team of expert advisors are available to help you make the most of your money

Features

The minimum and maximum age of entry are 18 and 63 years respectively
Minimum cover period is 2 years while maximum is 5 years
The maximum exit age is 65 years
Premium can be paid monthly, quarterly, semi-annually, annually or as lump sum (single premium)
Cover is against death from any source
The minimum benefit that can be chosen is N2,000,000.00
Three month waiting period applies for non-accidental claims

Benefits

Family protection as it provides lump sum benefit for one’s dependents in case of death.
It is the cheapest and most affordable life assurance product.
Peace of mind knowing one’s loved ones is insured in the event of one’s passing.
It can be used as collateral security to secure a loan.
It can be used to take care of key-man risk for organisations and partnerships.
It qualifies for tax exemption.

How to get started

Documents required to sign up

Completed Proposal Form
KYC documents = Passport Photograph, valid and acceptable means of identification and evidence of residence

How do I make a Claim

You can report a claim by:

Call 01 270 6801
Send an email to [email protected]

Claim Turnaround Timelines

CLAIMS TYPE	EVENT	TIMELINE	REMARK
ALL CLAIMS	Acknowledgement of claim	Within 24 hours of receipt of notice	Count from noon of the working day of receipt of claim notification
ALL CLAIMS	Acknowledgement of claim	Within 24 hours of receipt of notice	Pre-maturity notice signed by the client on validity of account details previously provided for savings and endowment claims
CLAIMS TYPE	CLAIM EVENT	PAYMENT TIMELINE	REMARK
	Maturity	Payment on the due date	Count from noon of the working day of receipt of executed voucher
SAVINGS and ENDOWMENT	Surrender and Termination	72hrs after receipt of the request

GROUP LIFE, CREDIT LIFE, MORTGAGE PROTECTION,TERM ASSURANCE AND SUNSET BENEFIT PLAN	Death	48hrs - 72hrs after receipt of executed discharge voucher	Count from noon of the working day of receipt of executed voucher
	Other Riders

N. B* All hours are for working days only and do not include all public holidays and weekends within Nigeria.
*Payment processing timeline is subject to the receipt of the EDV and complete supporting documents.

Frequently Asked Questions

Does term insurance get maturity benefits?
No. Term Insurance do not give maturity benefits as your funds are not invested during the policy period.
Why is term insurance premium low?
The Term Insurance premium is low because it covers the probability of an event happening within a time period.
What will happen at maturity of the term insurance?
At maturity of the term insurance, the insured can either withdraw their funds or opt for another term insurance contract.

Features
Benefits
How to get started
How do I make a Claim
Frequently Asked Questions

The minimum and maximum age of entry are 18 and 63 years respectively
Minimum cover period is 2 years while maximum is 5 years
The maximum exit age is 65 years
Premium can be paid monthly, quarterly, semi-annually, annually or as lump sum (single premium)
Cover is against death from any source
The minimum benefit that can be chosen is N2,000,000.00
Three month waiting period applies for non-accidental claims

Family protection as it provides lump sum benefit for one’s dependents in case of death.
It is the cheapest and most affordable life assurance product.
Peace of mind knowing one’s loved ones is insured in the event of one’s passing.
It can be used as collateral security to secure a loan.
It can be used to take care of key-man risk for organisations and partnerships.
It qualifies for tax exemption.